What Bitcoin Did

Lawrence Lepard, an investment manager and author of The Big Print, discusses the Federal Reserve's anticipated pivot back to money printing amid structurally embedded inflation. He argues that both gold and Bitcoin are crucial responses to monetary decay, predicting Bitcoin's dramatic rise as debasement accelerates. The conversation dives into yield curve control, the shifting dynamics of national reserves, and the intricate relationship between physical demand and the paper markets. Lepard warns of political pressures on the Fed and the implications for individual custody of assets.

Cory Klippsten, a Bitcoin-focused entrepreneur and founder of Swan, sheds light on the evolving crypto landscape. He discusses the structural shifts in Bitcoin adoption and how offshore exchanges are often linked to money laundering. Cory critiques the outdated four-year market cycle narrative and highlights the critical role U.S. tariffs have played in Bitcoin's pricing. He explains the need for self-custody protections and contrasts genuine treasury firms like MicroStrategy with those lacking competitive edges. With sleek insights, he frames Bitcoin as an emerging macro asset.

Mark Moss, a savvy entrepreneur and Bitcoin investor, dives deep into the transformative power of Bitcoin. He argues that it's not just an investment but a cheat code that reveals the flaws in our financial systems. Mark emphasizes how traditional saving falls short against inflation and advocates building wealth through assets and leverage. He explores treasury strategies, risk management, and how individuals can create a Bitcoin treasury while responsibly navigating liquidity. His insights challenge the hustle culture, promoting a system-focused approach to lasting wealth generation.

Michael Saylor, the visionary entrepreneur behind MicroStrategy, dives into the mechanics of Bitcoin treasury strategies and corporate adoption. He passionately argues that Bitcoin's real progress lies in institutional acceptance rather than price fluctuations. Saylor defends treasury companies against criticism, emphasizing their role in financial resilience. He shares his insights on transforming weak company performance through Bitcoin and envisions a future where digital credit redefines finance, urging support for adopters in a community often critical of its own.

Peter McCormack, a political commentator and podcaster, dives into the broken state of the UK government. He discusses how debt and inflation are hollowing out public services and destroying the middle class. Peter highlights the inability of both political sides to fix systemic issues and critiques the impact of asset inflation on society. He also explains his 'I No Longer Consent' movement, advocating for constitutional constraints on government power and emphasizing a vision for smaller government and enhanced liberty.

Simon Dixon, a monetary reform advocate and early Bitcoin investor, dives deep into the intricacies of banking and power dynamics. He argues that modern capitalism is a trap, with fractional-reserve banking as a Ponzi scheme. They explore Bitcoin's resilience while acknowledging ongoing threats from corporate centralization and Wall Street. Simon highlights the importance of self-custody in protecting Bitcoin's integrity. He also connects the dots between geopolitics, financial interests, and historical banking structures, offering practical resistance strategies for individuals.

American HODL, a Bitcoin commentator dedicated to long-term adoption, and Matt Odell, a Bitcoin developer and researcher, dissect a tumultuous year for Bitcoin. They explore why super cycle expectations fell flat and the shifting dynamics of institutional investment versus retail absence. The duo highlights how market distortions, driven by influencers and leverage, impacted true adoption. They delve into Bitcoin's performance against gold, the implications of quantum risk, and the complex relationship between governance and the crypto space.

Joe Carlasare, a lawyer and macro-crypto commentator, breaks down the misconceptions surrounding Bitcoin’s recent performance. He delves into why 2025 fell short of expectations, attributing it to market volatility and investor sentiment shifts toward AI and gold. Joe explains how changing market structures challenge traditional cycle theories, suggesting Bitcoin's consolidation may signal potential for bullish growth. He also shares insights on macroeconomic factors and predicts that reclaiming the 100k mark could unleash powerful momentum for Bitcoin in 2026.

David Dredge, a seasoned market risk specialist, explores the misinterpretation of risk across global markets. He highlights that Bitcoin's recent struggles reflect structural stress, not failure. Dredge discusses how suppressed volatility invites dangerous leverage, transforming Bitcoin's market landscape through ETFs and options. He warns of systemic vulnerabilities due to traditional finance's interference, critiques central bank policies, and stresses the importance of owning participatory assets and hedges to navigate potential financial turmoil.

Jeff Ross, a macro hedge fund manager and expert on Bitcoin, dives into the cracks of the global financial system. He explains how prolonged U.S. manufacturing recessions are pulling Bitcoin down and why rising interest rates in Japan are sending shockwaves globally. Jeff discusses the implications of a shift away from the U.S. dollar as the main reserve and the potential for AI and manufacturing to shape future markets. He argues that deflation could threaten fiat currencies, positioning Bitcoin for a possible resurgence by 2026, driven by liquidity and economic changes.